A self employed graphic designer in California got an SBA loan in 2021 for 185k for "BIZ #1" and can't afford to make the monthly payments anymore. What will happen if filing Ch.13 ?
-No assets (all digital)
-No real estate
-No expensive equipment, just a few computers
-Owns another similar online business, "BIZ 2" with a separate business checking account, and selling email marketing services, which is making money but very little.
-70k in credit card debt
based on this, is BK the best option? pros? cons?
where will the SBA and BK courts likely draw the line in terms of shutting down the other business (Biz#2)? To sustain living income, graphic design consulting is the only avenue for income, so how will the BK court likely handle?
-No assets (all digital)
-No real estate
-No expensive equipment, just a few computers
-Owns another similar online business, "BIZ 2" with a separate business checking account, and selling email marketing services, which is making money but very little.
-70k in credit card debt
based on this, is BK the best option? pros? cons?
where will the SBA and BK courts likely draw the line in terms of shutting down the other business (Biz#2)? To sustain living income, graphic design consulting is the only avenue for income, so how will the BK court likely handle?
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